Biotech Firm Looks To Give Back Over 250K SF In Boston Area Following Layoffs
The company has listed more than 183K SF at 300 Binney St. in Cambridge and another 80K SF at 133 Boston Post Office Road in Weston, the Boston Business Journal reported. A company spokesperson told BBJ the downsizing is part of its new hybrid work model.
The biotech giant occupies space in five buildings in Cambridge, with the company owning over 500K SF and leasing another 511K SF, including its headquarters at 225 Binney St.
The company leases 375K SF in Weston, 100K SF of which is rented out to Monster, a job-search site. After putting another two floors on the sublease market, Biogen could have around 100K SF left in the town.
This latest downsizing plan comes as biotech stock prices are still down on the year and macroeconomic pressures persist, leaving some firms to make budget cuts and layoffs.
Although the leasing markets in Cambridge and Boston remain active, smaller biotech companies appear to be feeling pressure. Between January and July, 1,098 layoffs were reported in the Boston biotech industry alone, according to JLL's Boston job market report.
Eisai Co. shut down its oncology arm, H3 Pharmaceuticals, and laid off all 88 employees as part of a larger reorganization within the company.
“We've got about over 1M SF of subleased space on the market right now that's built out that didn't exist last year,” Robert Coughlin said at Bisnow’s Greater Boston Biotech event last month. “It’s not a great thing overall for the real estate industry.”